October 14th, 2008
03:50 PM ET
6 years ago

Obama weighs in on McCain plan

Sen. Obama campaigned in Ohio Tuesday.
Sen. Obama campaigned in Ohio Tuesday.

DAYTON, Ohio (CNN) – Before heading to greet workers during a shift change at a local factory, Barack Obama told reporters the government’s plan to buy shares in the nation’s banks was “a good one.”

The plan “gives taxpayers a better chance of getting their money out,” he said. “It also gives the treasury some more direct mechanisms to monitor and apply some ground rules to participating banks.”

Watch: Obama lays out his plan to help the middle class and the economy

Obama said he was still “concerned” about “cracking down on excessive CEO pay” and wanted to make sure that was part of the Treasury Department’s plan going forward. He also said he wants the discussion about “guarantees to bank loans” to continue as that might help loosen credit for small business owners.

The Democratic nominee said he had yet to fully review the $52 billion economic plan John McCain put forward Tuesday, but said a heavy emphasis on a capital gains tax cut did not seem like a sound idea.

“I will tell you that nobody really has capital gains right now," said Obama. "So if the idea is to cut capital gains taxes - when I don’t know anybody, even the smartest investors who right now are going to be experiencing a lot of capital gains - that probably is not going to be particularly useful in solving the financial crisis.”


Filed under: Candidate Barack Obama • Economy • John McCain
soundoff (210 Responses)
  1. John Tucker, New York City, NY

    $1, 000 says McSame will want a recount on Election Day! lol

    What a despicable man he is, I have no respect for him. Frankly, I hope he loses by a land slide!

    October 14, 2008 05:08 pm at 5:08 pm |
  2. Eugene

    Sensible words from a sensible candidate. How refreshing!

    October 14, 2008 05:09 pm at 5:09 pm |
  3. Conservative for Obama

    What a MORON!!

    A capital gains tax reprieve helps NOBODY but the rich. This money doesn't trickle down people, it goes to other investments that also include shelters for the rich and elite. But then again, what else would you expect from the moron that only wants to help 5% of America, the one's who need the least help.

    Say no to the man who champions the shipping of jobs over seas, say no to McCain!

    Obama/Biden '08: Because we need jobs and solutions...not investigations and allegations.

    October 14, 2008 05:10 pm at 5:10 pm |
  4. C

    i wonder if McCain has read his economic plan yet... this guy smells so much like Bush, I believe that is why investors are hesitant to jump into the market head first right now. NO WAY... NO HOW... NO MCCAIN...

    October 14, 2008 05:10 pm at 5:10 pm |
  5. mayah

    every step that you take, my prayers are with you...

    October 14, 2008 05:13 pm at 5:13 pm |
  6. BM

    If McCain brings up Ayers during the debaTE, IT'S ONLY FAIR THAT Obama bring up the Keatin 5 who by the way is one of the reasons we are in this fanancial crisis. I hope he doesn't go there, but all is fair!

    October 14, 2008 05:13 pm at 5:13 pm |
  7. LT for Obama

    JUAN CARLOS- First of all, please use upper and lower case. Your message will still get through.

    As for the premise of your message, keep in mind that Bush has tried that and guess what, people are still losing their jobs and companies are just pocketing the extra money. Bush's tax cuts were meant to get companies to create jobs but that did not happen so therefore, as the saying goes, we cannot keep doing the same thing over and over again expecting a different outcome. Time for a CHANGE.

    October 14, 2008 05:13 pm at 5:13 pm |
  8. A Real American

    Capital gains is the money that you make from your investment above the money you put into it, it does not mean the money that you started with of if you lost any money so you pay no capital gains at all, so Obama is right

    McCain does not understand this with his 13 houses! Now he seem even more dumb!

    October 14, 2008 05:14 pm at 5:14 pm |
  9. S. Shay

    McCain is always a day late and a dollar short. Even when he waited so he could copy Obama's plan he still got it wrong. What about NOW John McCain? I don't care about no stinkin capital gains, I need food, gas and lights. You can't do that without p*ssing off your rich lobbyists friends so you come up with some shady substitute. WE DON'T TRUST YOU! You said a few weeks ago the economy was strong and if you keep talking about it you'll lose. What made you change your mind? The polls? You have NO credibility and your running mate is intellectually challenged. Take your pathetic campaign and leave the rest of us alone. How could you vote for Bush 90% of the time, chose Palin who is a AIP sympathizer and then ask us to believe you will change things in Washington and make them better for us?

    No way, no how, no McCain/Palin !!

    October 14, 2008 05:16 pm at 5:16 pm |
  10. Papasan in Arizona

    What Plan? Oh, I get it, today I have a plan, tomorrow I have another plan, day after tomorrow I'll get you another Plan!
    Time for your nap McCain.

    The last resort of all Failing Republican Campaigns is to energize the base, Right Wing Looneys! Republicans are waking up from a long peaceful Bush slumber [Ouch!], to find two morons [McCain/Palin], publicly displaying a comical megalomaniac love affair with themselves, out of touch with our Nations true issues [it's the ECONOMY!], and engaging in a revolting "McCain First" campaign! That's a tough wake up call, "MY FRIENDS"!
    The McCain inept solution is an Ignorant Slang Talking Power Hungry Junk Yard Dog [Awaiting Criminal Indictment] scampering around the Nation drumming up Racist Bigotry [Wink Wink]. The obvious erratic incompetence of the McCain/Palin campaign provides us evidence enough that they are unfit for any public office. As Americans face the hardest financial disaster in the History of the USA, this is McCain Policy of Change/Solutions/Ansewrs! John McCain / Sarah Palin have no idea what Americans trying to survive face. 401K plans gutted, Unemployment, Foreclosures, and the Global Economy in disarray...
    McCain/Palin are a disgusting self serving disgrace. Clearly proving they are not up to the complex task of keeping the Nation together in hard times.

    P.S. Johhny it's all over except for the pity party, your colossal arrogance has sunk you! Sadly the USA will undoubtedly have to listen to you whine, stick to that, you're good at it...

    October 14, 2008 05:16 pm at 5:16 pm |
  11. Simmy

    Actions speak louder than words. A true example of a true leader!

    October 14, 2008 05:18 pm at 5:18 pm |
  12. MH in NC

    I know that everyone has their personal beliefs and convictions but it is really hard for me to read all of the comments that I have seen on several of the boards. At times they are full of venom and hatred.

    Please remember that when this is all over and the President has been determined, that we all have to go back to living in our communities, our cities, our states. We have to be civil and respect each other. No matter who we voted for.

    May the best party win!

    October 14, 2008 05:19 pm at 5:19 pm |
  13. bibi

    The problem with mc cain is that he does not understand the power of the internet. People can no longer be fooled. They can fact check quickly, read information from different sources to make an informed opinion. The reason that there are only a few republicans blogging is because a lot of them do not read papers and are IT illiterate so they have to believe what Mc cain and Sarah are telling them. I am so surprised that this group is about 30% of the American population. Of course there are the oil barons and other over the $250000 americans. Yes, i can understand if they vote for mc cain because they will benefit from his policies. I would do the same. A president Obama needs to do something about the education of the 30% americans and that is urgent. The world was shocked to see the images at Mc Cain's rallies. Any good feeling the world had for Mc cain has totally disappeared.

    October 14, 2008 05:19 pm at 5:19 pm |
  14. Simmy

    A vote for McPalin is a vote for terroism!

    October 14, 2008 05:20 pm at 5:20 pm |
  15. banderson

    If you plan own voting for the Obama-Biden ticket, make sure that you call all your friends and their friends and get out the vote!!!

    October 14, 2008 05:21 pm at 5:21 pm |
  16. INDEPENDANT VET

    SAY'S HE DOES NOT NEED ACORN'S HEL[P !! WHY DID HE GIVE THEM $800,000.00 FOR ALL THERE LIST OF DEAD NAMES ? NOW THAT HE GOT HIS CHECKS IN FROM IRAN, PALESTINE, GEORGIA, 2 BROTHERS ALONE GAVE $33,300.00 FROM PALESTINE.

    AN HAS NOT RETURNED ALL OVER THE LEGAL LIMIT. ANOTHER FLIP FLOP . CAN NOT STOP LIEING. THATS BARRY , WITH OUT A BIRTH CERTIFICATE.

    October 14, 2008 05:21 pm at 5:21 pm |
  17. Todd

    Why dont we just start taxing churchs like all bussiness. They are making money just like me and I pray to god everyday.

    October 14, 2008 05:23 pm at 5:23 pm |
  18. carol

    Leadership.....leadership...leadership that is what Sen Obama will bring to this country, not off the wall decisions and ideas that change from one day to the next.
    John McCain has proven that he has not the smarts or the temperament for President......too erratic and he jumps from one idea to another all in one day!!!!!
    No, sorry McPalin it is not your year......back to Arizona and Alaska for the pair of you....you will not be missed by anyone.

    October 14, 2008 05:23 pm at 5:23 pm |
  19. Melissa - Wisconsin

    No matter how much we lower corporate tax rates, businesses are still going to ship jobs over seas because it's cheaper. Wake up, McCain!

    We need to increase the corporate tax rate on companies that ship jobs over seas in order to give them an incentive to bring the jobs back!

    October 14, 2008 05:25 pm at 5:25 pm |
  20. GARY

    YOU NAIVE SUPPORTERS OF OBAMA FILLED WITH HATE ARE STINKEN MORONS. EVERYTIME YOUR CANIDATE IS FOUND ENVOLVED IN A BAD ISSUE ,YOU MORONS BLAME REP. FOR IT. YOUR ALL NAIVE JERKS.NOW OBAMA BACKS AWAY FROM ACORN ,BECAUSE HE GOT CAUGHT. JUST LIKE HIS PASTOR,AYERS,REZCO, OR ANY OTHER CORRUPTIONS. OBAMA IS A BIG JOKE LIKE HIS NAIVE SUPPORTERS.

    October 14, 2008 05:26 pm at 5:26 pm |
  21. D&D

    To: TAINOPOWER October 14th, 2008 4:05 pm ET

    Can you at least spell words correctly? I mean, you are posting comments that many people may read, try at least to write right, even if you don't know what you're writing.

    October 14, 2008 05:27 pm at 5:27 pm |
  22. No Hillary = No Obama

    Obama is so in over his head it's laughable. Do you really think when all is said and done that Americans are going to elect an inexperienced Hoody Doody salesman over a tried and true statesman who had his bones broken for this country?

    October 14, 2008 05:29 pm at 5:29 pm |
  23. Chut Pata

    Gains McCain? What gain? All we see are losses. What good would cutting tax on Capital Gains would be if there is none. Unless someone "beared" the market down to buy the stock cheap. These people should be identified and punished, not rewarded by cutting their Capital Gains taxes.

    October 14, 2008 05:30 pm at 5:30 pm |
  24. Nervous in Texas

    Someone else has posted this point and I wanted to reiterate. If indeed Obama does raise our taxes, which he has said, and its has been proven by other sources that he is not going to raise our taxes. But if he does, I rather have a tax increase and the money going to fund programs that will benefit this country as an entity than having my gas prices raised double in the last 8 years. So who did the increase in gas prices benefit? The two oil men in office and thier friends and family. The tax increases, if there will be one, will benefit our schools, roads, bridges, it will create new jobs, it will help and reach more people than the increases in the price of gas.

    October 14, 2008 05:31 pm at 5:31 pm |
  25. RIGHT WAY FOR AMERICA

    The last time i cheched it was same tax cuts that shipped jobs overseas in the last 8yrs. How many jobs has the so called tax cuts created? Some just jump to statements like Gov Palin everything she had said and still saying have been factchecked to be wrong...I hope she read news paper to know she is been spewing wrong and misleading information.

    October 14, 2008 05:32 pm at 5:32 pm |
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